An investor group led by Thomas H. Lee Partners (THL) has reached an agreement to purchase a majority stake in AmeriLife Group from J.C. Flowers & Co. and other investors.
Financial details of the deal have not been revealed.
AmeriLife Group inked a recapitalisation deal with the THL-led group that comprises Cannae and some THL limited partners.
Headquartered in Clewarwater, Florida, AmeriLife is engaged in developing, marketing and distributing life and health insurance, annuities and retirement planning platforms.
It caters to its customers through a national distribution network that consists of over 140,000 insurance agents and advisers, 50 insurance agency locations, and 20 marketing organisations.
J.C. Flowers acquired the life and health insurance distributor from Reservoir Capital Group and Black Diamond Capital Partners in 2015.
Commenting on the deal, AmeriLife CEO Scott Perry said: “We are excited to partner with THL in the next phase of our growth, building upon the success of our more than four-year relationship with J.C. Flowers & Co.
“THL has a strong track record of partnering with management to add long-term, sustainable value to great companies like AmeriLife. THL’s deep industry expertise and financial and operational resources will enhance AmeriLife’s capabilities and provide financial flexibility to accelerate our growth.”
THL managing director Ganesh Rao said: “Scott and the AmeriLife team have done an incredible job building a leading market position with strong leadership and an unrivaled distribution platform that is poised for further growth and expansion.
“We look forward to working alongside this talented team to further support its impressive growth trajectory, and to help fulfill their mission of providing powerful marketing and technology services and a selection of the best life and health insurance, wealth management, and retirement planning solutions available in the marketplace.”
Subject to customary closing conditions, the deal is expected to complete in the first quarter of this year.